2026 data · 0.56% property tax · Median home $269,600
Tennessee Mortgage Calculator
A median-priced home in Tennessee ($269,600) costs roughly $1,709 per month all-in (PITI), assuming 20% down and a 30-year fixed at 7.0%. Tennessee's effective property tax rate is 0.56% — well below the US average of about 1.0%.
Tennessee median-home monthly payment
$1,709/mo
P&I $1,435 · Tax $126 · Insurance $148
@ $269,600 price, 20% down, 30-yr fixed at 7.0%
For a custom calculation with your specific numbers (different down payment, rate, term, or home price), use the main mortgage calculator — it includes a full amortization schedule.
Monthly payments at common home prices in Tennessee
| Home price | 20% down | P&I | Prop tax | Insurance | Total PITI/mo |
|---|---|---|---|---|---|
| $200,000 | $40,000 | $1,064 | $93 | $110 | $1,268 |
| $269,600 (state median) | $53,920 | $1,435 | $126 | $148 | $1,709 |
| $300,000 | $60,000 | $1,597 | $140 | $165 | $1,902 |
| $400,000 | $80,000 | $2,129 | $187 | $220 | $2,536 |
| $500,000 | $100,000 | $2,661 | $233 | $275 | $3,170 |
| $750,000 | $150,000 | $3,992 | $350 | $413 | $4,754 |
Calculations use Tennessee's 0.56% effective property tax rate, estimated homeowners insurance at 0.66%/year of home value, 30-year fixed at 7.0%, no PMI (20% down). Closing costs not included.
Tennessee property tax
Effective rate
0.56%
Median home value
$269,600
Median property tax
$1,520/yr
Tennessee has very low property tax rates (0.56%). No state income tax (Hall tax eliminated in 2021). Senior tax freeze available in many counties for residents 65+ meeting income limits.
See our property tax calculator for a state-by-state property tax breakdown, and our Tennessee paycheck calculator to estimate take-home pay against this monthly housing cost.
Tennessee vs neighboring states
| State | Property tax rate | Median home | Median tax/yr | |
|---|---|---|---|---|
| Tennessee (this page) | 0.56% | $269,600 | $1,520 | |
| Kentucky | 0.80% | $177,400 | $1,382 | Kentucky mortgage → |
| Virginia | 0.80% | $348,300 | $2,780 | Virginia mortgage → |
| North Carolina | 0.73% | $280,000 | $2,050 | North Carolina mortgage → |
| Georgia | 0.83% | $273,400 | $2,250 | Georgia mortgage → |
FAQs about Tennessee mortgages
What is the property tax rate in Tennessee?
Tennessee's effective property tax rate is 0.56%, meaning the average homeowner pays roughly 0.56% of their home's value in property tax annually. On a $269,600 home (the state median), that's about $1,520 per year, or $127 per month added to your mortgage payment.
What is the average monthly mortgage payment in Tennessee?
For a home at Tennessee's median value of $269,600, assuming 20% down, a 30-year fixed mortgage at 7.0%, and Tennessee's 0.56% property tax + estimated insurance, the typical monthly PITI payment is approximately $1,709. This includes $1,435 principal & interest, $126 property tax, and $148 homeowners insurance.
How much income do I need to buy a house in Tennessee?
Using the standard 28% front-end DTI rule, you'd need annual income of approximately $73,243 to comfortably afford Tennessee's median-priced home. Lenders typically allow up to 43% total DTI (including all debts), which corresponds to about $47,693 annual income at the maximum end. Your specific qualification depends on credit score, down payment, debts, and lender requirements.
Is Tennessee a good state to buy a house?
Tennessee's combination of 0.56% property tax (well below the national average of ~1.0%) and median home value of $269,600 place it in the mid-range of state housing markets nationally. Tennessee has very low property tax rates (0.56%).
How does Tennessee property tax compare to neighboring states?
Tennessee's 0.56% rate compares to: Kentucky at 0.80%, Virginia at 0.80%, North Carolina at 0.73%, Georgia at 0.83%. Property taxes can differ substantially between bordering states — moving 30 miles across a state line can change your annual tax bill by thousands.
Does Tennessee have a homestead exemption?
Tennessee offers various property tax relief programs. Tennessee has very low property tax rates (0.56%). No state income tax (Hall tax eliminated in 2021). Senior tax freeze available in many counties for residents 65+ meeting income limits. Check with your county assessor for primary-residence exemptions and senior/disabled programs that may reduce your annual property tax bill.
What's included in PITI?
PITI stands for Principal, Interest, Taxes, and Insurance — the four standard components of a mortgage payment. For your Tennessee mortgage, the breakdown on a median-priced home would be: Principal & Interest $1,435, Property Tax $126, Homeowners Insurance $148. Add PMI if your down payment is under 20%, and HOA fees if your home is in a community with one.